Million

Resistance

Optimism

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>Optimism price showcased a rebound from the $2 mark and picked up strength.</a></li>
 <li><span>2</span> <a>Trading volume significantly increased, and signs of accumulation were noted.</a></li>
</ul>
<p>The native token of Optimism, OP price has flipped its direction and reflects signs of accumulation this week. Over the past weeks, the token has been in a correction phase, dragging over 30% of gains in April.</p>
<p>The Optimism price retested its strong support mark of $2 and hovered in the bearish trajectory. Amidst the negative sentiments in the crypto market, most of the altcoins have eroded gains and displayed significant correction in the past trading sessions.</p>
<p>At press time, the Optimism token (OP) <a href="https://www.thecoinrepublic.com/2024/04/30/ethereum-price-remains-bearish-eth-price-to-test-2000/" target="_blank" rel="noopener noreferrer nofollow">price </a>traded at $2.47 with an intraday gain of 3.20%, reflecting buyer accumulation this week. It has a monthly return ratio of -27.20% and 22.30% yearly.&nbsp;</p>
<p>The pair of OP/BTC is at 0.0000432 BTC, and the market cap is $530 million. Analysts are neutral and suggest OP crypto may retain its strength and outperform in the upcoming sessions.</p>
<h2 class="wp-block-heading" id="strong-optimism-price-signifies-retracement-what-price-action-indicates-strong"><strong>Optimism Price Signifies Retracement, What Price Action Indicates?</strong></h2>
<p>Since the beginning of 2024, the OP token has been in solid momentum and reached the top around $5. Afterward, the buyers did not hold gains, and the token regressed gains slowly &amp; steadily, which led the token to retest its demand region near $2.</p>
<p>On the daily charts, the Optimism token reversed its direction, regressed from the supply region of $5, and displayed retracement.</p> 
<p><a href="https://www.tradingview.com/chart/OPUSDT/yNLcMt09-OP-Token/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p>This week, the Optimism token picked momentum and made a rising channel formation, breached the downward trendline mark of $2.40. The momentum indicator “RSI” signifies a positive crossover, and the curve flips from the oversold region and heads toward the midline region.</p>
<h3 class="wp-block-heading" id="strong-optimism-price-to-volume-profile-on-daily-charts-strong"><strong>Optimism Price To Volume Profile On Daily Charts</strong></h3>
<p>The intraday trading volume jumped over 65.45% to $463.71 million, and buying momentum was displayed on the charts. The short covering may trigger ahead if the buyers succeed in crossing the $3 mark.</p> <iframe loading="lazy" title="Santiment Chart: Price (OP), Volume (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-01T18%3A29%3A59.952Z&amp;dt=2024-05-01T18%3A29%3A59.952Z&amp;sat=shchcfg_kMaKxGZ_0znb&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>However, the trend is neutral, and the token needs to sustain gains above the 20-day EMA to stretch the pullback.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3>
<p>Following the <a href="https://www.thecoinrepublic.com/2024/04/30/ethereum-price-remains-bearish-eth-price-to-test-2000/" target="_blank" rel="noopener noreferrer nofollow">price</a> rebound, the price volatility curve spiked over 5.37% to 0.039 and displayed investor interest this week.&nbsp;</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (OP), Weighted sentiment (Total) (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-01T18%3A29%3A59.952Z&amp;dt=2024-05-01T18%3A29%3A59.952Z&amp;sat=shchcfg_kMaKxGZ_0znb&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>However, the total weighted sentiment replicates a neutral outlook, and the value stayed below the midline at around -0.765.</p>
<h4 class="wp-block-heading"><strong>What Do Development Activity and Derivative Data Highlight?</strong></h4>
<p>Per the Santiment data, the development activity data highlighted a consistent up move and reached 558, replicating a positive outlook.&nbsp;</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (OP), Total Open Interest in USD (OP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=o-optimism&amp;pt=OP&amp;df=2023-11-01T18%3A29%3A59.952Z&amp;dt=2024-05-01T18%3A29%3A59.952Z&amp;sat=shchcfg_kMaKxGZ_0znb&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Btotal_open_interest&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Similarly, the derivative data showcased prolonged buildup activity, and the open interest jumped over 1.89% to $102.67 Million in the intraday session.</p>
<p>Per the Fibonacci retracement levels, the OP price trades near the 38.2% resistance mark and has retained the mid-Bollinger Band. The total supply of Optimism crypto is 4.29 billion, whereas the volume-to-market cap ratio is 0.865, ranked 123 in the global crypto market cap.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The Optimism price signifies a rebound from the support mark of $2 and picked momentum in the last sessions. A break and close above the $3 mark would validate a trend reversal ahead.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $2.20 and $2</p>
<p><strong>Resistance Levels:</strong> $3 and $3.30</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Optimism Price Made Bottom Around $2, Can Bulls Dominate Ahead?

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